Nicolas Véron

Financial Statements - Episode #100: The Trump administration's policies and global financial risk

Today was the 100th and - as it happens - last episode of the Financial Statements series, which started in June 2020 during Covid-19 lockdown. It will be replaced with a new PIIE series, in which we will experiment a different format and theme.

In this session, I hosted the London School of Economics's legendary Charles Goodhart and Agathe Demarais of ECFR to reflect on the potential global financial risks associated with the Trump administration's policies.

Financial Statements: Is "Twin Peaks" the future of financial supervision?

In 1995, Michael Taylor authored a landmark essay on the so-called Twin Peaks model, in which prudential supervision and conduct-of-business supervision are carried out by separate authorities. In today's session, I hosted him and former Bank of Japan Executive Board member Shimizu Tokiko to discuss the Twin Peaks idea and experience with it so far. 

Financial Statements: The present and future of fast payment systems

In yesterday's session, I hosted Harish Natarajan of the World Bank and Othon Moreno of the Bank of Mexico to review the development of fast payment systems, particularly in developing and emerging economies.

Financial Statements: Should we care about who owns audit firms?

In the episode on Thursday 16 January, I hosted Maria Borysoff of George Mason University and Liza McAndrew Moberg (formerly at the U.S. Public Company Accounting Oversight Board), to look at the emerging trend of accounting firms accepting capital injections by private equity firms, mostly for now in the United States. 

Financial Statements: Bpifrance's experience of promoting high-growth firms

In yesterday's session, I hosted Arnaud Caudoux of Bpifrance, and Josh Lerner of Harbard Business School to discuss this idiosyncratic case of a national government-owned business-promotion bank. 

Financial Statements: Lessons from the Basel Committee's assessments of individual jurisdictions

In this week's session (November 25), I hosted Stefan Ingves and Patrick Honohan, the former central bank governors of Sweden and Ireland respectively, for a deep dive on the Regulatory Consistency Assessment Program of the Basel Committee on Banking Supervision.

Financial Statements: Will China's most dynamic companies keep listing outside the mainland?

In today's episode, I hosted Guiying Laura Wu of Nanyang Technological University and Wendy Liu of J.P. Morgan to discuss the prospects for Chinese corporate listings outside of the mainland in the evolving regulatory and geopolitical context. 

Financial Statements: Basel III implementation status and prospects

In yesterday's session, I hosted independent analyst and author Daniel Davies and Pervenche Berès, chair of Paris-based Association Europe-Finances-Regulations, to discuss the current state of compliance with the Basel Committee's standards especially in the European Union and United States. 

Financial Statements: A holistic perspective on climate and financial policies

In this week's session, I hosted Pierre Wunsch of the National Bank of Belgium and Irene Monasterolo of University of Utrecht, for a spirited conversation on the consistency of the EU's climate and financial regulatory policies. 

Financial Statements: Do EU regulations unduly penalize securitization?

In today's session, I hosted the Bank of France's Emmanuelle Assouan and Sebastian Mack of the Jacques Delors Centre in Berlin, to discuss the trade-offs of EU policy regarding securitization in the context of the Capital Markets Union project.

Financial statements: The bank-sovereign nexus in developing and emerging economies

In yesterday's session, I hosted the World Bank's Pablo Saavedra and the International Monetary Fund's Ceyla Pazarbasioglu to discuss the interaction between banking sector strength and sovereign creditworthiness, the theme of a forthcoming World Bank publication. 

Financial Statements: The evolution of European banking supervision

In today's session, I hosted Claudia Buch, chair of the Supervisory Board of the ECB, and Karen Petrou to discuss ongoing changes in European banking supervision and how they relate to debates in the United States. 

Financial Statements: Structural changes and policy developments in the Japanese financial system

In today's session, I hosted Japanese FSA Vice Commissioner Toshiyuki Miyoshi and independent writer Richard Katz to discuss ongoing developments and initiatives in relation to Japanese finance. 

Financial Statements: Update on Ukraine's financial situation as war enters third summer

In this week's episode on June 25, I hosted Maria Repko, deputy director of the Centre for Economic Strategy in Kyiv, and Elina Ribakova of Bruegel, PIIE and the Kyiv School of Economics. 

Financial Statements: China's experience of promoting venture capital investment

In yesterday's session, I hosted Li Bo of Peking University Guanghua School of Management and Daniel Gros of the Institute for European Policymaking at Bocconi University, comparing Chinese and European experiences of government intervention in the venture capital market.

Financial Statements: Can auditors better serve investors' needs?

In the session on May 14, I hosted Saba Qamar of the U.S. Public Company Accounting Oversight Board, and Charles Henderson of the UK Shareholders' Association. 

Financial Statements: The International Sustainability Standards Board's first two years

In today's session, I hosted the ISSB's Sue Lloyd and Sylvie Goulard to discuss sustainability-related disclosures, following up on the session two years ago in the very early days of ISSB activity. 

Financial Statements: The rise and decline of venture capital in China

In today's session, I hosted Harvard Business School's Josh Lerner and entrepreneur Rui Ma on the ongoing transformation of China's venture capital investment landscape.  

Financial Statements: The future structure of the US banking sector

In today's session, I hosted Sheila Bair and Graham Steele to discuss the structural impact of the US regional banking crisis of March 2023 and ongoing financial regulatory policy debates.

Financial Statements: Prospects for reform of emergency liquidity assistance to banks in the US

In today's session, I hosted Yale's Andrew Metrick and the European Central Bank's Cornelia Holthausen to debate central banks' liquidity provision to banks in the United States, the euro area, and beyond. 

Financial Statements: How banking prudential policy can respond to climate change risks

In today's session, I hosted Martien Lubberink and Sylvie Mathérat to discuss the interplay between climate concerns and banking prudential regulation and supervision. 

Financial Statements: China's overhaul of its financial supervisory architecture

In today's session, I hosted Harvard Business School's Meg Rithmire and Yeling Tan of Oxford University and PIIE, for an overall bleak assessment of financial sector reform in China. 

Financial Statements: Lessons from the 2023 collapse of Credit Suisse

In today's session, I hosted Eva Hüpkes in her capacity as member of the Swiss expert group that delivered its report in August 2023, and leading bank equity analyst Jérôme Legras. 

Financial Statements: The US debate about the final Basel III Accord

In today's session, I hosted Stephen Cecchetti of Brandeis University and Yao Zeng of Wharton, on the rules proposed by U.S. bank regulatory agencies to implement the final package of reforms negotiated in the 2010s at the Basel Committee on Banking Supervision, known colloquially as Basel III Endgame. 

Financial Statements: Has China entered a balance sheet recession?

In today's session I hosted Richard Koo and Guo Kai to discuss the prospect for China to escape the kind of macro-financial vicious circle that entrapped Japan in the 1990s.